Manufacturers, already hit by mounting job losses, saw business plummet to the lowest level in 26 years in October. Sharply lower auto sales and shrinking construction spending, meanwhile, provided more evidence the U.S. has entered a recession that may be deep and prolonged.

PNC Financial Services, a large, Pittsburgh-based regional bank said Friday that it is buying National City, a struggling Cleveland-based bank, for $5.58 billion. The deal will create the nation's fifth-largest bank by deposits.